BOSTON--(BUSINESS WIRE)--GE (NYSE:GE) today announced that it plans to spin off GE Vernova and launch GE Aerospace in the beginning of the second quarter of 2024, subject to final approval from the GE Board of Directors and other customary conditions.
Following completion of the planned spin-off, shares of GE Vernova will be listed on the New York Stock Exchange under the ticker symbol “GEV,” and GE Aerospace will continue GE’s listing on the New York Stock Exchange under the ticker symbol “GE.” 1
By listing on the New York Stock Exchange, GE Vernova and GE Aerospace will benefit from the exchange’s associations with iconic, leading businesses with established track records of success, particularly in sectors associated with the energy transition and aerospace & defense.
GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, “It’s been nearly two years since we announced our plan to create three independent, investment-grade, industry leaders. We’re now closing in on our final step—spinning off GE Vernova and launching GE Aerospace, following the successful spin-off of GE HealthCare earlier this year. Our teams are building momentum, and we’re excited to be with so many of our valued customers and industry peers on the New York Stock Exchange in the beginning of the second quarter of 2024.”
GE Vernova CEO Scott Strazik added, “Today’s milestone demonstrates the progress our team is making toward spinning off GE Vernova as an independent company driving both electrification and decarbonization. We’re focused on delivering for our stakeholders while positioning our company for long-term success, and we are excited to launch GE Vernova on the New York Stock Exchange.”
NYSE President Lynn Martin said, “The New York Stock Exchange is delighted to continue our long-standing relationship with GE spanning over three centuries. We’re thrilled to have GE Aerospace and GE Vernova in our community of listed companies, providing both with industry-leading visibility and market quality as they embark on this exciting journey as stand-alone entities.”
Forward-looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see https://www.ge.com/investor-relations/important-forward-looking-statement-information, as well as our SEC filings. We do not undertake to update our forward-looking statements.
About GE
GE (NYSE:GE) rises to the challenge of building a world that works. For more than 130 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE’s people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE’s mission and deliver for its customers. www.ge.com
1 Following the planned spin-off, in which GE will distribute the common stock of GE Vernova on a pro rata basis to holders of GE common stock, General Electric Company will be known as GE Aerospace.
